Comic Book/Collectibles Insurance

[Racer-X]

USAA refused to insure my comics.

 

. Wonder why. As mentioned, they would have insured mine - just didn't want a (relatively) few K to cover everything ELSE I own in case fire took everything...

 

 

[Hero Restoration]

So I have read through this whole thread and the OP"s question never got answered and it is the same I have, who has actually had to file a claim with this company and how did it go? CIS has a great policy and it is very affordable but what happens if you actually have to file a claim? How much work is it going to be to get FMV for your books based on what condition you say it is? Receipt? What if you bought it 10 years ago and it is worth double now? It is one thing to have coverage; it is another to actually collect. I realize it is the same for any insurance company including shipping companies but I just can't help but wonder if I will be paying premiums just to have difficulty collecting if something happens.

I have talked to CIS a few times on the phone and all my questions have been answered with precision except the one where they establish a value on a book that is lost or destroyed. This is where it would be priceless to talk to someone has had to file a claim for a comic book.

 

[Wayne Enterprises]

^ Very good point. That's why I have yet to insure anything even after I started the thread. Getting the insurance might be easy but I always wondered how the process was when you need to make a claim. Thanks for bringing it up again. Also I believe every time you renew your policy you have to mention to them that your collection has grown in value and probably would end up paying more for coverage. (that's just my guess though)

[Cat-Man_America]

Sorry, this is the first time I noticed this thread, but I do have some (hopefully) practical advice tailored to the type of collection you own. I've been through this process, that is, searching for reliable insurance that covers comics and selecting the best for my personal needs. In the end, I went the appraisal and homeowner's insurance route.

 

My first suggestion: use common sense. If the deal looks too good, then it may offer less protection than you think. For instance, CIS may be great, but the reason folks are asking about claims is because acquiring insurance from them seems just a bit too easy. Also, CIS is based in NY and their coverage may be complicated by state laws in other parts of the country. Note: I don't know this to be a fact, I just mention it as a possibility because each state has it's own laws governing insurance coverage.

 

Insuring collectibles SHOULD require several levels of proof, not simply trust that the applicant has what is being insured at the time insurance is sought. If your collectibles are worth it, then investing in reliable insurance from a reputable provider is worth it.

 

The best kind of collectibles insurance is provided by nationally recognized insurers licensed in your own state who can offer riders with your homeowner's policy that cover unforeseeable events beyond burglary, such as fire and flood damage. Yes, appraisal will be required for initial insurance; if it isn't, then that insurance policy should be suspect. Once your policy is established, some wavers may be offered so that you can add items without full appraisal (using the OS Guide with CGC graded books for instance), but you'll need to upgrade your insurance annually to reflect changes in your collection.

 

The insurer should ask detailed questions about the collectibles that you own and the manner in which they are stored, that goes for comics, art, jewelry, anything. They will probably ask you for some documentation such as purchase receipts, etc., but that's less important than a current appraisal.

 

 

[Bomber-Bob]

I think part of the reason CIS does not require a detailed inventory is that they understand the nature of collectibles = constant change. I couldn't imagine trying to keep up a detailed inventory with an insurance company. Even my insure agent (home, auto, etc.) recommended going with CIS as I would be better serviced with them.

[musicmeta]

So I have read through this whole thread and the OP"s question never got answered and it is the same I have, who has actually had to file a claim with this company and how did it go? CIS has a great policy and it is very affordable but what happens if you actually have to file a claim? How much work is it going to be to get FMV for your books based on what condition you say it is? Receipt? What if you bought it 10 years ago and it is worth double now? It is one thing to have coverage; it is another to actually collect. I realize it is the same for any insurance company including shipping companies but I just can't help but wonder if I will be paying premiums just to have difficulty collecting if something happens.

I have talked to CIS a few times on the phone and all my questions have been answered with precision except the one where they establish a value on a book that is lost or destroyed. This is where it would be priceless to talk to someone has had to file a claim for a comic book.

 

Yes, feedback on actually filing a claim and reading about how the claim process went is what I want to know as well. The good and the bad of the claim process.

Insurance compainies are all smiles as long you're paying the premium, but when it comes time to file a claim, that's when you really know if you're getting what you paid for.

[shadroch]

You place a dollar value on your collection. If you have a claim, its paid on the dollar value you assigned to it, not on the FMV.

As far as proof, I simplytook photos of a few dozen $100 plus books, then photos of the thirty plus drawer boxes. That photo card is kept elsewhere so a fire that destroys my home doesn't burn the card.

They only required documentaion for books over $10,000 and I was told a canceled check was sufficient.

[Heronext]

I'm filing a claim now with CIA, loss due to theft. When done I'll share my experiences. Over the years when I have had to call them to renew/adjust policies they've been nothing but cordial.

[Wayne Enterprises]

Sorry to hear about your loss! Definitely let us know how the process goes. Thanks for helping!

[comicdonna]

Sorry to hear about your loss! Definitely let us know how the process goes. Thanks for helping!

+1

[Mr. Spider-Woman]

I am looking into collectibles insurance for my comics and television memorabilia and I figured, why not check the CGC forums for advice? And here was this recent thread. I do not have a huge collection and none of the books are worth much. It is mostly low-grade Silver Age books and lots and lots of modern stuff. I have lists of everything I own but no real records of how much I spent. I could piece together something from eBay records but it would be very incomplete.

 

I suppose I am in the same boat as several other posters in this thread: it seems too easy to just sign up for coverage without having to provide anything other than perhaps a simple list. For people who do have insurance, do you update it every year based on current guide prices, i.e. if you initially insured your 9.5 FF #1 in 2003 for $55,000 have you updated it incrementally every year so now you have it insured for $80,000? If I went that route I would probably only itemize the Silver Age books and say the moderns could be replaced at cover price.

 

(The insurance company I am working with for renters insurance suggested American Collectors Insurance. Has/does anyone use them?)

[Trev]

I'm not sure you could insure moderns at cover, but maybe.

[Mr. Spider-Woman]

I suppose it could set a bad precedent with insurance companies. "Oh, you want to go by cover price? Sure! We'll give you ten cents to replace your stolen/burnt/drowned/eaten-by-rats Action Comics #1."

 

But seriously, is it even possible to insure moderns? Or would they be considered the equivalent of someone's book collection and fall under traditional insurance? Despite the fact that my hundreds of modern comics are worthless on their own, the simple fact that I have hundreds makes the collection expensive to replace. It would take time and money just to track them all down, even if individually none are worth more than $5 and the vast majority far less.

 

I suppose that is what I find some perplexing about insurance. I have a lot of stuff -- none of it particularly valuable -- but the sheer amount of it means if it were all to perish in a fire it would be costly to replace.

 

The easiest thing to do is just call up one of these collectibles insurance companies and ask them all these questions...

[Legion HQ]

I'm a nervous wreck right now. I'm moving across the country from L.A. to Virginia the 4th of July week. I've got probably 30+ long boxes of comics/trades (Bronze/Moderns), and several boxes of CGC comics. The CGC books alone are worth probably $10-15k.

 

I'm loading up a Penske truck with the loot, and having my brother drive it across the country for me. Meanwhile, I'll be driving my Rav4 behind him with my basset to help guide and make it a smooth trip. Have six days to get it done. (Sounds a bit like Smokey and the Bandit, now that I say it out loud. )

 

I don't have insurance. For that matter, I don't even know if insurance would cover the collection during such a move. Especially at this late juncture.

 

The long boxes will go into the Penske truck. All of my CGC books will ride with me in my Rav. I'm very paranoid about the summer heat damaging the collection during the trip. So, no stopping during the daylight hours except for quick potty breaks and drive-thrus. During the night, I'll bring the CGC books into our hotel room for safe keeping, and pray no one steals the Penske.

 

All I can do is cross my fingers that I can get my collection to Virginia without damage and in "one piece". Once there, assuming I succeed in my mission, I definitely plan on looking into insuring it all.

[Hero Restoration]

Sorry to hear about your loss! Definitely let us know how the process goes. Thanks for helping!

+1

 

+1

[telerites]

With the recent rash of tornadoes ripping through my vicinity, I've decided it is time to invest in some insurance. I had a very close call a couple of days ago with the last one that went through OKC.

 

From reading through this thread, Collectibles Insurance Services seem to be the provider of choice. Much of my collection is still at a climate controlled storage facility since my divorce so I like the option for coverage on that.

 

I was wondering though about how others have valued their entire collection. I realize that I need to itemize collectibles with a value of over $5K but is it appropriate to use registry value points as a dollar value point. I have most but not all of my slabs entered with current points at 278,574. My collection also consists of nearly 30 long boxes of misc. GA to CA books and lots of esoteric stuff including vintage action figures, toys, memorabilia, portfolios, etc.

 

Also I have scans of all of my slabs but not many pics or even an inventory of anything else. I'm assuming I need to take the time to at least catalog as much as I can.

 

Just wanted to check to see if Collectibles Insurance Services was still a good choice.

 

Any additional thoughts on estimating value/coverage?

 

Thanks

[Ghost Town]

Just wanted to check to see if Collectibles Insurance Services was still a good choice.

 

Any additional thoughts on estimating value/coverage?

I'm still a fan of C.I.S.

 

I made my first claim in the past few months. I FedEx shipment of some books I sold here on the boards disappeared. I sent them the PayPal receipt and they paid promptly. (It wasn't a large amount of money.)

 

Having your books in storage facility does add a wrinkle into the process. There's a $100,000 maximum and there's a 15% premium added to the cost.

 

C.I.S. Application

 

I think registry points are a decent place to start for putting a value on your slabbed books. But you might want to adjust it a bit if any of the points are way off on certain books.

 

It's probably a good idea to catalog what you have outside of your slabbed books. But I don't think you have to go nuts with scans unless they're expensive books. If you have that list in a spreadsheet and also put in Overstreet prices, it should help you come up with a rough value.

[telerites]

Just wanted to check to see if Collectibles Insurance Services was still a good choice.

 

Any additional thoughts on estimating value/coverage?

I'm still a fan of C.I.S.

 

I made my first claim in the past few months. I FedEx shipment of some books I sold here on the boards disappeared. I sent them the PayPal receipt and they paid promptly. (It wasn't a large amount of money.)

 

Having your books in storage facility does add a wrinkle into the process. There's a $100,000 maximum and there's a 15% premium added to the cost.

 

C.I.S. Application

 

I think registry points are a decent place to start for putting a value on your slabbed books. But you might want to adjust it a bit if any of the points are way off on certain books.

 

It's probably a good idea to catalog what you have outside of your slabbed books. But I don't think you have to go nuts with scans unless they're expensive books. If you have that list in a spreadsheet and also put in Overstreet prices, it should help you come up with a rough value.

 

Thanks Barton. I noticed the 15% on the storage but not the $100K limitation. The premiums seem very reasonable when I was doing their online quote calculator. I really should have done this earlier. Luckily, I suffered no real loss in the disaster but the last tornado was too close for comfort.

[CatskillMike]

There is also a self storage insurance you can buy to cover your storage unit. As long as the books are kept there you might want to check that out also, but of course it wouldn't cover any shipping or transportation. If I remember correctly, mu CIS insurance is about $65 a year, so that would be hard to beat.

[Ghost Town]

Thanks Barton. I noticed the 15% on the storage but not the $100K limitation. The premiums seem very reasonable when I was doing their online quote calculator. I really should have done this earlier. Luckily, I suffered no real loss in the disaster but the last tornado was too close for comfort.

When I was getting price quotes years ago from companies like Chubb, the premiums were outrageous in comparison. And some of the documentation they required was nearly impossible to provide.